18- Which of the following describes a situation in which demand must be inelast

Question

18- Which of the following describes a situation in which demand must be inelastic? Question 34 options:
a- Total revenue decreases by 10 percent when the price of spats rises by 10 percent.
b- Total revenue decreases by less than 10 percent when the price of spats rises by 10 percent.
c- Total revenue increases by more than 10 percent when the price of spats rises by 10 percent.
d- Total revenue decreases by $10 when the price of spats rises by $10.
e- Total revenue decreases by more than $10 when the price of spats rises by $10. 18- Which of the following describes a situation in which demand must be inelastic? 18- Which of the following describes a situation in which demand must be inelastic?
a- Total revenue decreases by 10 percent when the price of spats rises by 10 percent.
b- Total revenue decreases by less than 10 percent when the price of spats rises by 10 percent.
c- Total revenue increases by more than 10 percent when the price of spats rises by 10 percent.
d- Total revenue decreases by $10 when the price of spats rises by $10.
e- Total revenue decreases by more than $10 when the price of spats rises by $10. a- Total revenue decreases by 10 percent when the price of spats rises by 10 percent. b- Total revenue decreases by less than 10 percent when the price of spats rises by 10 percent. c- Total revenue increases by more than 10 percent when the price of spats rises by 10 percent. d- Total revenue decreases by $10 when the price of spats rises by $10. e- Total revenue decreases by more than $10 when the price of spats rises by $10.
a- Total revenue decreases by 10 percent when the price of spats rises by 10 percent.
b- Total revenue decreases by less than 10 percent when the price of spats rises by 10 percent.
c- Total revenue increases by more than 10 percent when the price of spats rises by 10 percent.
d- Total revenue decreases by $10 when the price of spats rises by $10.
e- Total revenue decreases by more than $10 when the price of spats rises by $10.

Explanation / Answer

c- Total revenue increases by more than 10 percent when the price of spats rises by 10 percent

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